There is a short timetable to the transfer and the FSA is keen to make the transition as straightforward as possible. This means that there will be a phased approach to the transfer, with an interim period starting in April 2014 and moving to full implementation by April 2016.

From Autumn 2013, existing OFT licence holders can apply for interim permission so that they can continue to operate;

They will have to provide limited information and pay a one off fee;

Existing OFT licences will lapse on 31 March 2014 and FCA interim permissions will begin from 1 April 2014;

The interim permission regime will end in 2016 and firms need to be fully authorised by that time.